This is no longer true, and becoming less true all the time.
Using a massive amount of GPU's, and many CPU cores is no longer a simple series of instructions.
Then, the more abstract model of functional programming allows the implementation more freedom when distributing work on the many cores/GPUs, and can make use of this new architecture.
If we have even more radical changes in hardware architectures, it is almost certain that the more abstract models of programming will survive better than those tied to a particular hardware architecture (Von neumann model).